At 9am, the local note slipped to 4.4520/4.4565 against the US dollar from last Friday’s close at 4.4335/4370.

It was reported the US 10-year yields rose six basis points (bps) to 3.94% and two-year yields gained 12 bps to 4.81%.

SPI Asset Management managing director Stephen Innes said higher US yields and risk sentiment would give a negative impact to the ringgit.

“The turn in sentiment followed a solidly stronger-than-expected core Personal Consumption Expenditures (PCE) Price Index deflator report, adding to concerns about the need for a higher Federal Reserve terminal rate,” he told Bernama.

Innes said traders could start to position for China’s upcoming National People’s Congress meetings on March 5 which could limit regional losses.

Meanwhile, the ringgit was traded mixed against a basket of major currencies.

The local unit strengthened against the Japanese yen to 3.2670/3.2706 from 3.2804/3.2833 last Friday and appreciated versus the British pound to 5.3246/5.3300 from 5.3308/5.3350 previously.

It was slightly lower against the euro at 4.6986/4.70348 from 4.6933/4.6970 and fell marginally versus the Singapore dollar to 3.2990/3.3026 from 3.2970/3.3001 at Friday’s close.